Nigeria’s first-ever domestic dollar-denominated bond has been met with overwhelming investor interest, securing $900 million in subscriptions—far exceeding the initial $500 million target. This landmark issuance signals a strong vote of confidence in Nigeria’s economic future, according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The bond, which is part of Nigeria’s broader strategy to diversify its funding sources, attracted a wide range of investors, including Nigerians, non-residents, members of the diaspora, and institutional investors. Edun emphasized that the oversubscription reflects both local and international confidence in the government’s ability to navigate the current economic challenges.
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“This successful issuance underlines the faith investors have in Nigeria’s economy and its potential for growth,” Edun said. He added that the proceeds from the bond would be used for critical infrastructure projects and other key economic sectors, as directed by President Bola Ahmed Tinubu.
The success of this bond is not only a significant milestone for Nigeria’s financial markets but also a step forward in promoting financial inclusion. The upcoming listing of the bond on the Nigerian Exchange (NGX) and FMDQ Securities Exchange will further deepen the country’s capital markets, positioning Nigeria as a leader in regional financial innovation.
Edun reiterated that this achievement highlights the government’s commitment to fostering economic resilience, despite global headwinds, and sets the stage for continued economic expansion.
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